Million-dollar home sales are booming in the Metroplex. Here’s where you can find them
Million-dollar home sales in the Metroplex boomed in the last year, increasing more than 80% between November 2020 and October 2021.
But they weren’t all custom homes in new subdivisions, said Dallas-area real estate agent Russell Berry.
Because of the increased costs of home building and the consequent strain on housing inventory, older homes in well-established Fort Worth neighborhoods are moving into the luxury market.
In Fort Worth, some buyers are purchasing homes “that probably were not luxury homes when they were built,” Berry said.
He pointed to neighborhoods southwest of downtown near TCU. Buyers can also find million-dollar listings in northeast Tarrant County.
Luxury listings made up 14.3% of sales in Dallas-Fort Worth between November 2020 and October 2021, according to a new report from Texas Realtors.
Because luxury homes sold in the Metroplex in the last year were, on average, built in 2005, with some of these offerings “you’re looking at a much smaller home,” said Berry.
The price per square foot for all residences in the area in the last year was $176. For offerings over $1 million, the price per square foot is $342.
Many of these homes likely need updating, too, Berry said.
Based on these trends, he said, “there is really no end in sight for the home-buying market. Luxury is getting stronger and taking up more of the market than it ever has.
“To somebody considering a move, you better do it now.”
Many of million-dollar listings are in northeast Tarrant County. Realtor.com on Wednesday listed 59 homes with a price of at least $1 million in Southlake. There were 27 in Colleyville, 25 in Westlake and 18 in Keller.
